Friday, 30 October 2020 11:09

Financial Incompetence is No Excuse!

Written by Dave Luehr


The ridiculous thing? This was not the first time this race had taken place. No, far from it. If I was going to survive in business, this madness had to stop!


The Decision


This was when I decided to take personal responsibility for my financial incompetence and learn how to take back control of my business by knowing, proactively and in advance, what my financial situation was going to be each and every day so that I could make adjustments and take action in the moment to “make my month” every day.


If you can relate to my story, or if you often say things like, “I can’t make any money,” I want to ask you something: how do you know?


The truth is a huge percentage of the shops I talk to in North America are simply not equipped with the financial knowhow required to be highly successful in today’s challenging marketplace. They think they are not making money because the checkbook is out of checks!


It is a shame shops continue to struggle with this, because it is a relatively easy fix if they are willing to put forth some effort into learning.


If you are anything like I was way back in my early business days, you can---and you must---seek to acquire a basic understanding of how to operate a business by the numbers. If a guy like me, who barely made it out of high school, can run a successful business by the numbers, so can you!


Here are some suggestions to get you started.